SEC FORM 3/A

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Mezey Joseph

(Last)

(First)

(Middle)

P.O. BOX 974

(Street)

SAN CLEMENTE

92674

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/06/2011

3. Issuer Name and Ticker or Trading Symbol
Graystone Co [ GYST ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CFO

5. If Amendment, Date of Original Filed (Month/Day/Year)
08/10/2011

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, Class A	7,060,000	D
Common Stock, Class A	23,375,000⁽¹⁾	I	See Footnote 1⁽¹⁾
Common Stock, Class B⁽²⁾	700,000	I	See Footnote 1⁽¹⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Options for Common Stock, Class A⁽³⁾	09/01/2011	09/01/2013	Common Stock, Class A	6,000,000⁽³⁾	$0.1	D

Explanation of Responses:

1. 1. These shareholders are owned by WTL Group, Inc. Joseph Mezey is a majority shareholder has the power dispose of these shares.

2. Class B Common Stock are entitled to dividends or other distributions (including liquidating distributions) per share, whether in cash, in kind, in stock, or by any other means, equal to the amount per share declared by the Board of Directors of the Corporation for each share of Class A Common Stock. Unless otherwise required by the Delaware General Corporation Law, the Class A Common Stock and the Class B Common Stock shall vote as a single class with respect to all matters submitted to a vote of shareholders of the Corporation. Each holder of Class B Common Stock are entitled to one hundred (100) votes for each share of Class B Common Stock.

3. Mr. Mezey has the option to purchase 6,000,000 shares of Common Stock, Class A at an exercise price of $0.10 per share. The options expire one-year from their vesting. The options vest at a rate of 500,000 share per month beginning September 1, 2011 and ending August 1, 2012.

	Joseph Mezey	09/06/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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